Monday February 19 2018
Galliani: 'Yonghong Li funds checked'

Former Milan CEO Adriano Galliani believes Yonghong Li provided “all the necessary credentials” to prove his financial stability.

There have always been questions around the Chinese investor’s €740m take-over of the club, completed in April 2017, with investigations published by the New York Times and Il Sole 24 Ore.

Today the Corriere della Sera goes so far as to suggest Yonghong Li was already facing bankruptcy proceedings before buying the club.

“Yonghong Li invested €740m to buy Milan,” Galliani told Mattino Cinque.

“We were assisted by a very important advisor and a famous law firm, as was Yonghong Li. Not only did he buy Milan, but another three important things happened.

“First of all, he presented the credentials to the Lega Calcio and was approved. Secondly, the Elliott fund loaned Mr Li over €300m, so they must’ve made their own evaluations.

“Finally, over the summer a transfer campaign worth €200m was completed, giving all the necessary financial guarantees and bank bonds that the Italian rules demand.

“I don’t know the reality of what is happening in China, but one plus one plus one makes three, so that’s how things have gone so far.”

A Chinese bankruptcy tribunal has ordered one of Yonghong Li’s named assets, a packing company, be put up for auction to repay two unpaid debts to banks.

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